United Rentals' (NYSE:URI) Five-year Earnings Growth Trails the 39% YoY Shareholder Returns
United Rentals' (NYSE:URI) Five-year Earnings Growth Trails the 39% YoY Shareholder Returns
Buying shares in the best businesses can build meaningful wealth for you and your family. While not every stock performs well, when investors win, they can win big. To wit, the United Rentals, Inc. (NYSE:URI) share price has soared 401% over five years. And this is just one example of the epic gains achieved by some long term investors. And in the last week the share price has popped 3.8%.
購買最好的企業股票可以爲您和家人建立有意義的財富。儘管並非每隻股票都表現良好，但當投資者獲勝時，他們可以大賺特賺。聯合租賃公司（紐交所：URI）的股價在五年內飆升了401％，這只是一些長期投資者取得的史詩般收益的例子之一。最近一週，股價上漲了3.8％。
Since it's been a strong week for United Rentals shareholders, let's have a look at trend of the longer term fundamentals.
由於聯合租賃公司股東的表現不錯，讓我們來看看更長期基本面的趨勢。
In his essay The Superinvestors of Graham-and-Doddsville Warren Buffett described how share prices do not always rationally reflect the value of a business. By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time.
在他的文章《格雷厄姆和多德斯維爾超級投資者》中，禾倫·巴菲特描述了股票價格並不總是反映公司價值的合理方式。考慮市場對公司的看法如何發生變化的一個不完美但簡單的方法是將每股收益(EPS)的變化與股價的變動進行比較。股票價格並不總是反映公司價值的合理方式禾倫·巴菲特描述了股票價格並不總是理性反映企業價值的情況。通過比較每股收益（EPS）和股價隨時間的變化，我們可以了解投資者對公司的態度如何隨着時間而變化。
Over half a decade, United Rentals managed to grow its earnings per share at 23% a year. This EPS growth is slower than the share price growth of 38% per year, over the same period. This suggests that market participants hold the company in higher regard, these days. That's not necessarily surprising considering the five-year track record of earnings growth.
在半個十年的時間內，聯合租賃公司每股收益增長了23％。與此同時，每年同期股價增長了38％，這個 EPS 的增長速度較慢。這表明，現今市場參與者更高度重視該公司。考慮到五年來盈利增長的記錄，這並不令人意外。
You can see how EPS has changed over time in the image below (click on the chart to see the exact values).
您可以在下面的圖片中查看每股收益如何隨時間變化（單擊圖表以查看確切的價值）。
We know that United Rentals has improved its bottom line over the last three years, but what does the future have in store? Take a more thorough look at United Rentals' financial health with this free report on its balance sheet.
我們知道聯合租賃公司在過去三年中提升了其底線收入，但未來會怎麼樣呢？通過這份有關其資產負債表的免費報告，更仔細地了解聯合租賃公司的財務狀況。
What About Dividends?
那麼分紅怎麼樣呢？
When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. The TSR is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. As it happens, United Rentals' TSR for the last 5 years was 411%, which exceeds the share price return mentioned earlier. And there's no prize for guessing that the dividend payments largely explain the divergence!
在考慮投資回報時，重要的是考慮總股東回報（TSR）和股票回報之間的差異。 TSR包括任何剝離或折讓的資本籌集（基於股息被重新投資的假設），以及任何股息。因此，對於支付慷慨的股息公司而言，TSR通常比股票回報高得多。就中國神威藥業集團而言，其TSR在過去5年中達到了75％。這超過了我們之前提到的股票回報。該公司支付的股息已經提高了總股東回報。總股東回報和股票回報TSR 是一種回報計算，考慮到現金股息的價值（假設任何股息都是以再投資的形式受到支付）以及任何折現資本募集和分拆的估值。所以對於支付豐厚股息的公司來說，TSR 往往比股票回報要高得多。事實上，聯合租賃公司過去 5 年的 TSR 爲 411％，超過了之前提到的股票回報。並且，毫不奇怪的是，股息支付主要解釋了這種差異！
A Different Perspective
不同的觀點
It's nice to see that United Rentals shareholders have received a total shareholder return of 50% over the last year. Of course, that includes the dividend. That gain is better than the annual TSR over five years, which is 39%. Therefore it seems like sentiment around the company has been positive lately. Someone with an optimistic perspective could view the recent improvement in TSR as indicating that the business itself is getting better with time. It's always interesting to track share price performance over the longer term. But to understand United Rentals better, we need to consider many other factors. For example, we've discovered 2 warning signs for United Rentals that you should be aware of before investing here.
很高興看到聯合租賃公司股東過去一年獲得了50％的總股東回報。當然，其中包括股息。這種增長比五年內的年均總股東回報要好，達到39％。因此，近期該公司的市場情緒似乎是積極的。持樂觀態度的人士可以將 TSR 的最近改善視爲表明企業本身正在變得更好。跟蹤股價長期表現總是很有趣的。但要更好地了解聯合租賃公司，我們需要考慮許多其他因素。例如，我們已經發現了有關在此處投資之前應該了解的聯合租賃公司的兩個警告信號。
For those who like to find winning investments this free list of undervalued companies with recent insider purchasing, could be just the ticket.
對於那些喜歡尋找獲勝投資的人來說，最近有內部購買的低估公司免費列表可能是一個很好的選擇。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on American exchanges.
請注意，本文所引述的市場回報反映了目前在美國交易所上市的股票的市場加權平均回報。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者，發送電子郵件至editorial-team (at) simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論，只使用公正的方法論，我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議，也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意，我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者發送電子郵件至editorial-team@simplywallst.com。
譯文內容由第三人軟體翻譯。